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Trading up. move ptsb tracker or switch to BoI fixed?

Mortgages and buying and selling homes - Askaboutmoney.com - www.askaboutmoney.com
Urgent Advice required

We are trading up ( house too small)

We have tracker with PTSB in existing house @ 1.68 % @ € 215k

They offering us uplift @1% to keep tracker and new portion of loan will be at standard variable rate IE

New house €535k

We putting €180k towards it

So total finance required €365k

PTSB offering portable tracker

* €215k @ 2.68 @ 20 years ( years remaining on existing mortgage

* €150k @ 3.2 for 31 years

Works out @ €1800 per month for the 2 loans

BOI

We have alternative offer with BOI

3 year fixed at 3%

€ 365 k @ 3% for 25 years - € 1723pm

But we get cash back 2 % €7,300

And year 5 another €3650

Or at 30 years with 3 year fixed @ 3%

€365k - €1530 repayments

What are people's views in best option .

Myself and partner are 40 years with 3 children . We will have childcare of €1000 per month for the next 5 years so I'm thinking I might go BOI for 30 years and take cash Back to make the move more affordable in the short term while our outgoing Are high - but am I mad leaving a tracker product .

Pros and cons required

 


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